Virginia Code 58.1-3245.4:1: No annual debt limits for certain cities.
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The Cities of Chesapeake and Virginia Beach, when issuing debt obligations pursuant to § 58.1-3245.4 shall not be subject to any annual debt limitations set forth in the charter provisions of such city.
Terms Used In Virginia Code 58.1-3245.4:1
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Obligations: means bonds, general obligation bonds and revenue bonds as defined in § Virginia Code 58.1-3245